UAE - Mubasher: The Dubai Gold & Commodities Exchange (DGCX) will launch a Pakistani Rupee (PKR) futures contract on 16 April, the first of its kind in any regulated exchange across the world.
Introducing PKR futures contract will allow the market participants to expand their trading opportunities to the Pakistani market and hedge exposure to the Pakistani Rupee, according to a press release on Wednesday.
The contract size is 2 million and will be traded and cash-settled in US Dollars, based on publicly available reference prices displayed on the last trading day.
Meanwhile, the Dubai Commodities Clearing Corporation (DCCC) will offer margin offsets for calendar spreads in PKR futures to ensure capital efficiency for DGCX members.
The CEO of DGCX, Les Male, commented: "Pakistani nationals are the second largest population in the UAE, and as this Contract is the first of its kind in any regulated exchange, we are confident that this Contract will provide market participants with ample opportunity and flexibility to gain exposure to the large and increasingly prominent Pakistani market."
